MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin
The company plans to sell up to $1 billion in stock to buy even more.
Jun 14, 2021 at 11:02 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/AOQZK4UAYJHDBBN5P2C3T33R3Q.jpg)
MicroStrategy Executive Director Michael Saylor speaks at the Bitcoin 2021 Convention (Joe Raedle/Getty Images)
Next, Michael Saylor will be holding a bake sale to fund his bitcoin purchases.
On the same day MicroStrategy, the business intelligence software firm that Saylor runs, announced it had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firm said it plans to sell up to $1 billion in stock to buy even more.
MicroStrategy's bitcoin trove is so big that owning the cryptocurrency is now described in the company's filings with the U.S. Securities and Exchange Commission as being part a key part of the firm's strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion.
Saylor's latest buying spree comes as bitcoin has lost more than a third of its value in the last month.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/fef307fe-e7ed-4f5a-badc-d7a5744bbd1e.png)
James Rubin was CoinDesk's U.S. news editor based on the West Coast.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.